Well, we kept saying it was coming soon, and today Wells Fargo announced that it will begin offering loan modification options to borrowers who need help with their Wachovia mortgage payments. Up until now, getting a Wachovia loan modification has been difficult if not impossible for most struggling borrowers. Since the merger was finalized on December 31, 2008, Wells Fargo is now able to include almost half a million Wachovia borrowers in an updated, streamlined loan modification approach to to help find solutions to prevent foreclosures.
Many borrowers hold the risky Pick A Payment loans and desperately need a Wachovia loan modification to convert those loans into affordable, low interest rate mortgages. Wells Fargo is now the investor holding those loans, and faces the prospect of enormous losses from this $120 billion portfolio, due to the high default rate these programs experience. Here is some basic information that homeowners needing Wachovia loan modification help should know:
- Loans in foreclosure or set to begin the proceeding will be given an extension until February 28, 2009 to allow time to contact the lender
- Offer reductions in interest rate, and fix the rate for pre determined length of time
- Longer loan terms up to 40 years
- Principal forbearance whereby a portion of the loan’s balance will be deferred with no interest charged
- In select geographic areas, principal reductions will be offered
The new modified payment will be arrived at by using a combination of the above options to arrive at a target monthly payment that equals 38% of the borrowers gross monthly income. The goal is to arrive at an affordable and sustainable mortgage payment to allow homeowners to avoid foreclosure. Wells Fargo has increased its full-time default/home retention staff 125% to almost 6,000 employess in the last 2 years. Wachovia has almost 2,000 loss mitigation employees and plans on increasing their team in 2009.
Homeowners interested in applying for a Wachovia loan modification will have to meet certain approval guidelines and submit a loan modification application. Unfortunately, not all homeowners will qualify for this program, but borrowers who understand what the approval requirements are before contacting the bank can greatly increase their chances of approval. This is great news for frustrated Wachovia borrowers, so make sure you have the best chance of getting the help you need and deserve by learning and preparing so you will be able to submit an acceptable loan modification application.
You can get the help you need to understand the Wachovia loan modification process by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read handbook that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com
25 Responses
Just wanted to spread a word of hope and encouragement! I have met Wachovia with great resistance over the last year regarding a loan mod. I had the pick a payment loan and was 3 mos behind in the mortgage. To my surprise, I received a letter at the end of Jan ’09 saying I may qualify for a loan mod. Although I was 3 mos. behind, I made 3 consecutive mortgage payments in Dec, Jan & Feb ’09. I am self-employed, in business for 1 year and haven’t filed taxes yet. When I called, it was very fast and efficient (that was a surprise in itself). They requested 3 months of receipts (as proof of income but I submitted 4 months), profit and loss statements for the year I’ve been in business (which I prepared myself), my business license, a cable bill as proof that I live in the house, and I also included a letter explaining my situation although they did not request a hardship letter. It took about 3 weeks total. I received my loan mod agreement today and am still in disbelief! I had over $100k in neg amortization. My loan balance went from $645k to $513k, they reduced the principal 20%, erased all past due fees, payments, etc, 40 yr term, interest only the first 8 years (1st 3 yrs – 2.75%; year 4 & 5 – 3.35% and a little bit higher rate each year until the 9th year), year 9 is principal and interest payment @ 6.5% fixed for the rest of the loan. Your income is heavily weighed NOT your credit, although they did check my credit. I told them that I am not paying anything on my credit report, my only concern is the mortgage. STAY ENCOURAGED. DON”T GIVE UP! TO GOD BE THE GLORY!!!!!!!!!!!
Posted on March 12th, 2009 at 10:49 pm
What number did you call? I too have the wachovia pick a payment loan and Im having trouble. I’ve been calling customer service every month this year and they keep telling me the mortgage modification plan is not ready yet.
Posted on July 5th, 2009 at 4:50 pm
Wachovia,/Wells Fargo got the tax payer bail out money. I am struggling to stay in the house that I bought 20 years ago. Of course I am personally in trouble just like CIT, AIG and Wachovia is..
I need a little help NOW to rebuild my life. So far I wrote 2 hardship letters to Wachovia, and applied 3 times for the loan modification, without any success.
Now I hear that there might be a program in the near future that will be applicable to my situation (1st and second mortgage). It’s very stressful to know that your life is dependent on institutions that got taxpayer support to help fix the economy, but their actions are set to help only their needs.
Arthur
Posted on July 25th, 2009 at 7:25 pm
Wachovia,/Wells Fargo got the tax payer bail out money. I am struggling to stay in the house that I bought 20 years ago. Of course I am personally in trouble just like CIT, AIG and Wachovia is..
I need a little help NOW to rebuild my life. So far I wrote 2 hardship letters to Wachovia, and applied 3 times for the loan modification, without any success.
Now I hear that there might be a program in the near future that will be applicable to my situation (1st and second mortgage). It’s very stressful to know that your life is dependent on institutions that got taxpayer support to help fix the economy, but their actions are set to help only their needs.
Arthur
Posted on July 25th, 2009 at 7:26 pm
I am very discouraged and outraged. Wachovia keeps saying the Fed Funds are not in place to modify a conventional loan. I have waiting since last April. I am ready to call the Department of the Treasury or whatever title it has acquired. I suggest others do so too. This is ridiculous.
Posted on October 8th, 2009 at 5:34 pm
I agree, it is ridiculous. Who should we write to and complain about all the delays and the lack of assistance at Wachovia? I have been trying to get a loan modification since February 2009. I have the “Pick a Pay”, make several calls monthly and have gotten several delays. As of October, I’m still waiting. I’ve even gone to an attorney (and paid him) to handle this issue with Wachovia. It’s now been 4 months and still Wachovia won’t budge. Help! I’m sinking fast! What government agency should we contact? Human Rights Watch????
Posted on October 10th, 2009 at 7:07 am
Wachovia needs a Class-Action Lawsuit – let’s get started
We need to notify Bruce Marks from NACA to help us
Posted on January 12th, 2010 at 11:56 pm
I have 92 pages of documentation where Wacovia has kept none of their promises – married to a firefighter, and myself commission sales for 22 years, we have been trying to the right thing for 14 months – THEY DO NOT CARE and they are MEAN!
Posted on March 22nd, 2010 at 10:47 pm
Well, I have actually seen some of the most aggressive loan terms come through with approved Wachovia loan modifications. In fact, it is becoming fairly common for Wachovia to offer principal reduction-any where from 8% to 20% of the principal balance.
Wachovia sticks very close to the HAMP loan modification guidelines and offers those federal terms to qualified borrowers. They will lower your interest rate to 2% and extend the loan term to 40 years, and if necessary reduce your principal balance.
Since a Wachovia loan modification is based on HAMP, you must submit your paperwork correctly and be sure that your financial statement proves you meet the standard approval formula. This is done by reviewing your debt ratio, assets, and other information off of your financial statement. If you are not sure how to prepare your statement correctly or do not know how to compute your own debt ratio or new target payment, you can use a software program designed just for homeowners that mimics the HAMP guidelines.
All you have to do is put in your own monthly gross income and monthly bills and all the calculations are done automatically for you. The biggest benefit is that you see immediately if you need to make any adjustments to your budget-before Wachovia ever reviews your loan modification paperwork!
To learn more about the HAMP guidelines, visit http://www.myloanmodificationcenter.com and read tons of free information-you can also download the software and Guide if you think you need some extra help.
Don’t give up-just make sure you prepare your financial statement correctly-it is the key to approval!
Posted on March 23rd, 2010 at 9:55 am
Guys I own 5 properties and I am behind on everything. One of my loans is with B of A. They suck. Hang in there. This is your property and you need to fight for it. Don’t waste your time talking to someone who can’t help you with your loan modification-if they don’t want to talk to you about your loan mod hang up the phone and find someone who will. Go to the branch talk to the branch manager ect Sit down and figure out how much you can pay and tell them this is how much I can pay. Also there are also free credit counseling services that will call your lender for you and neg for you. You can also complain to the Attorney General, Comptroller of Currency and to others. Start complaining. Don’t let these people wear you down. If all else fails hire an attorney to get a loan mod for you. Or file bankrupcy and they had to lower your payments for 3 to 5 years Just don’t throw in the towel. Its your house and fight for it. Some of these attorneys have very reasonable fees. If your not sure who to hire and live in Fl. -go to the clerk of the courts web sites and see how many cases the attorney has had ect. In Orange County, Florida -which is Orlando you can pull up all the cases the attorney has been involved in. Just don’t let these people wear you down. I know what they are like they are insulting (the collection dept) but don’t let them wear you down. If they transfer you to the collections dept and they can’t help you with the loan mod then don’t waste your time letting some $10 an hour employee insult you. I guarantee you things are going to change and these lenders will be facing class actions suits for not processing loan mods.
Posted on April 27th, 2010 at 7:31 pm
“…don’t waste your time letting some $10 an hour employee insult you”
Classy.
Posted on May 20th, 2010 at 3:19 pm
I am Wachovia Mortgage customer last 3 years. I have pick-up payment plan. I try to fix the loan throught Loan Modification. I apply more than 3 times, but every time I was not approved. I gave them all the documents/paper work. but I was not approved.
They want don’t want to help. They are more concern in short sale. They will give you more choices for the short sale. They have their own laywer, they are the shareholder in the foreclousre properties. They wants your home.
Wachovia needs a Class-Action Lawsuit – let’s get started
Posted on August 20th, 2010 at 11:28 pm
We, with the help of a law firm, have been trying to modify our adjustable mortgage for 14 months now.
Wachovia has lost our paperwork and forced us to start over 3 times.
They have diverted mortgage payments without telling us. Now they send us junk mail suggesting was to “re-locate”. Harassed us, by having different callers, call us to tell us we are 2 months delinquent. We are completely current in our payments, but we are underwater, loan to value.
We simply want a new loan based on our current appraisal, like many others have gotten.
A law suit or legislative help, or something… must be appropriate by now.
They have stonewalled us for over a year, and there seems to be nothing we can do!
anybody got any ideas?
Posted on September 1st, 2010 at 1:28 pm
Wow, I feel really lucky. We were behind on our Wachovia payment about 1 and1/2 years ago. They called us!! We sent in the paperwork and one month to the day they called and said it was approved but a new program came out that would reduce our principal if we were willing to wait a little longer. One week later, they called and not only reduced our interest to 5% for 40 years, but took 97K off our principal. It was the easiet process. I don’t understand why they are not that helpful with everyone! I will pray for you all because losing your house is devastating! Don’t give up. There are also several non profit agencies that help with modifications. NEVER PAY someone to help you! Good luck to you all!
Posted on September 16th, 2010 at 3:18 pm
I made several calls for loan modification program. I was given several numbers. Called all the numbers. It seems they are not interested in honoring the government programs. The last guy I called (Armando) at 1800-282-3451 could not even speak English. When I asked for his supervisor or manager, he said “which is the thing you are looking” I repeated my request to speak to a manger or supervisor and he repeatedly asked me same question in a language which made no sense. When I told him that if he will not connect me his supervisor, I will write to Wachovia Corportate office and I am recording what you are saying, he hung up on me.
When it comes to buying a tool kit (guidelines) from some private writer who wants to make money on behalf of Wachovia is nothing but sucking more blood from Wachovia Customers as per their suggestion on their web site. I do not understand why the Wachovia is trying to convince its customer to buy this guideline tool kit when it should be free. It is amazing that these banks do not honor any government programs nor their manager are available to talk and take responsibility about what their incompetent associates say. I was played games with numbers and mislead by the Wachovia title company when I and my husband
took this loan. We had to walk out from closing, then they rewrote the loan with the promise
that it will not happen again. I do not think they changed. I or my husband can be contacted at 6302780588. The Wachovia which is now Wellsfargo must honor government programs and should not ruin its name further. I believe they are heading to be sued by its customers.
Posted on September 28th, 2010 at 5:50 pm
Has anyone heard any more thoughts of a class action suit against Wachovia (Wells Fargo) for the pick a payment loans?
I have a pick a payment loan and am fortunate to be able to make my payments right now. However, I have tried several times to refinance or to lock into a 30 yr fixed mortgage, but cannot get it done because I am soo upside down in my house. I don’t believe I qualify for the loan modification because I have made my payments on time.
Wachovia said a while back they were going to assist many of it’s customers into locking into a fixed 30 yr program, they put me off for months saying the program wasn’t ready. Once it was finally ready I called a few times and every time they said I wasn’t ellgible.
I am getting really frustrated dealing with Wachovia-WF on this issue. If anyone has any advice or tips, I would greatly appreciate the feedback.
Thank you.
Posted on October 12th, 2010 at 12:40 pm
I have had all the propblems everyone else has had on here, Wachovia sucks! they loose paper work you resend it they say they never got it! WHY DONT WE GET SERIOUS AND START A CLASS ACTION LAW SUIT!!!! We need to get a GREAT attorney and get together and file! What the hell are we all waiting for, if I have to I will lead this we need this bank to take notice and STOP walking all over us its time we walk on them!! My name is Mike if you guys want to proceed let me know I AM READY!!!!!!
Posted on November 30th, 2010 at 1:56 pm
I was a pick a payment customer with World Savings. I lost my home in June to a short sale. I tried for over two years to modify. My interest rate was over 7%. Wells and Waichovia both told me I had bad credit so I didn’t qualify for a modification. I asked them, minimum wage person, if they had looked at my credit report. They said no. I said the only bad credit I have is with you. How do I rectify that. No win situation. I am 72 years old and I’m self employed and I’m sure I will never own a home again. I would like to be a part of the settlement but can’t find a contact number.
Posted on December 21st, 2010 at 11:45 am
have had all the propblems everyone else has had on here, where’s the answer?
Posted on January 11th, 2011 at 6:17 pm
EVERYONE, we are forming a plaintiff group for Class Action lawsuit against Wells Fargo Bank in San Francisco. We are speaking to financial services class action law firms (protecting consumers/borrowers) who were misled. There are so many cases of fraud and lack of disclosure by Wells Fargo as well as intentional REFUSAL to put loan modification offers in writing — so many that if I started to list them here, your head would spin. I am not a litigious person but after having personally suffered financially (including credit report hit during loan mdification process) and emotionally (stress), I researched it and will start the litigation process. We will fight Wells Fargo and the shareholders’ are going to start selling when we they see the size of the one. We are going to brief Elizabeth Warren this Monday (MLK Jr National Holday)given her/President Obama’s focus on increased consumer protection, end of fraudulent lending practices and increased disclosure requirements. Buckle up. We are going to fight this and Wells Fargo will be set on the right path. They are the worst of all mortgage lenders (servicers).
Posted on January 15th, 2011 at 12:20 pm
What kind of crap , my company got going . Wellsfargo into wachovia bank , this is some real , overheard at alliance bancorp corp , fraud rite here . Wachovia bank is owned by bank of north america , which that bank owns abn amro , and also , lasalle bank , and bank of south carolina , to make a long story , short bank of america owns ,bank of north america , and is bank of north america , so wellfargo is a rether small bank to bank of akmerica , so how could it , wellsfargo , now own the hold bank of america , and all its divisions , fraud. Fraud fraud , I gave no body , permision to touch , jpmorgan or none of the banks name above . Where is the doj ,I want these theves out of my companies , like the speed, of, light .
Posted on January 31st, 2011 at 6:17 pm
I would like to join any consumer grassroots group. HNY mentioned one was forming in SF.
I am in L.A. and in the hideous throws of trying to get a modification. HELP!
Posted on February 10th, 2011 at 5:04 pm
The the ceo and executive of the bank of america , has a mental problem. , because anybody should see this is all wrong at the top of the building . If they thinks all of this fraud is right then they are crazy , or is it both of them crazy and dirty .
Posted on March 9th, 2011 at 8:33 pm
Wellsfargo team of lawyer go to court on yall own company tell them the trustor robbed the benifary yall want them trustee gone . Benifary rights fraud .
Posted on October 4th, 2011 at 1:51 am
How do u see owner ship , u ckeck the city town clerk office fi fa , and the local tax office state ,but this thing with the trustee on these bank are all the sole owner that city hall and the irs . That some big fraud . They better run the theves .
Posted on October 9th, 2011 at 9:57 pm
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